October 27, 2009
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo 103-0022
Nippon Accommodations Fund Inc.
Representative Executive Director Nobuyuki Nakai(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Representative President and CEO Nobuyuki Nakai
Contact CFO and Director Morio Shibata(TEL 03-3246-3677)

Notification Concerning the Decision on Prices etc. with Regard toIssuance of New Investment Units and Secondary Offering of Investment Units
Nippon Accommodations Fund Inc. (“NAF”) hereby provides notice of the decision by resolution at the Board of
Directors’ Meeting held on October 27, 2009 concerning the issue price and the offer price, etc. with regards to theissuance of new investment units and secondary offering of investment units, which was adopted at the Board of
Directors’ Meeting held on October 16, 2009. The details of this decision are as follows.
1. Issuance of new investment units by public offering(1)Issue price(2)

Total issue price(3)

Amount to be paid in (issue value)(4)

Total amount to be paid in (issue value)(5)

Subscription period(6)

Payment date

Per unit¥487,910¥20,492,220,000

Per unit¥471,311¥19,795,062,000

October 28, 2009 (Wed) – October 29, 2009 (Thu)November 4, 2009 (Wed)(Note) The underwriter purchases and underwrites at the paid-in amount (issue value) and conducts thepublic offering at the stated issue price.

2. Secondary offering of investment units by overallotment(1)

Number of units to be offered(2)

Offer price(3)

Total offer price(4)

Subscription period(5)Delivery date

3,000 unitsPer unit

¥487,910¥1,463,730,000

October 28, 2009 (Wed) – October 29, 2009 (Thu)November 5, 2009 (Thu)<Caution> This document is a press release intended for general publication regarding NAF’s issuance of new investment units andsecondary offering of investment units and is not for purposes of soliciting investment. When investing, we ask that investors
exercise their own judgment taking full responsibility after having read carefully the new investment unit issuance and secondaryoffering prospectus, or any corrections thereof, prepared by NAF.

3. Issuance of new investment units by third-party allocation(1)

Amount to be paid in (issue value)(2)

Total amount to be paid in (issue value) (maximum)(3)

Subscription period (subscription date)(4)

Payment date

Per unit¥471,311¥1,413,933,000
November 30, 2009 (Mon)
December 1, 2009 (Tue)<Reference>
1. Calculation of issue price and offer price(1)

Calculation date and price(2)

Discount rate

October 27, 2009 (Tue)¥503,000

3.00%

2. Syndicate cover transaction period
October 30, 2009 (Fri) – November 24, 2009 (Tue)3. Use of the procured funds
The approximate net balance for this public offering and third-party allocation (maximum¥21,208,995,000） shall be allocated for the acquisition of specified properties to be purchased by
NAF in and after November 2009 (as mentioned in “Notification Concerning Acquisition of Domestic
Real Estate Properties” released on October 16, 2009).

•The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the Ministry of Land, Infrastructure and Transport, and to the press club of theconstruction trade newspaper of the Ministry of Land, Infrastructure and Transport.

•NAF website: http://www.naf-r.jp

Please note that this English translation of the Japanese original document is provided solely for informationpurposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.

<Caution> This document is a press release intended for general publication regarding NAF’s issuance of new investment units andsecondary offering of investment units and is not for purposes of soliciting investment. When investing, we ask that investors
exercise their own judgment taking full responsibility after having read carefully the new investment unit issuance and secondaryoffering prospectus, or any corrections thereof, prepared by NAF.